Bernard Madoff | The Guardianhttps://www.theguardian.com/business/bernard-madoff
Latest news and features from theguardian.com, the world's leading liberal voiceen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2017Tue, 26 Sep 2017 22:31:40 GMT2017-09-26T22:31:40Zen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2017The Guardianhttps://assets.guim.co.uk/images/guardian-logo-rss.c45beb1bafa34b347ac333af2e6fe23f.pnghttps://www.theguardian.com
Bernie Madoff photos offer rare glimpse of convicted fraudster in prisonhttps://www.theguardian.com/business/2017/may/20/bernie-madoff-prison-photos
<p>The Guardian publishes two images of Madoff in prison garb that are believed to be the only photographic public records of the grand swindler behind bars</p><p>Robert De Niro takes on the role of Bernie Madoff, the Wall Street legend who fleeced investors of billions of dollars in the largest financial fraud in US history, in a new original movie that was aired on HBO on Saturday night.<br></p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2017/jan/12/bernie-madoff-prison-life-ponzi-supernova-podcast-experience">Never-before-heard Bernie Madoff tapes reveal details of ruinous Ponzi scheme</a> </p> <a href="https://www.theguardian.com/business/2017/may/20/bernie-madoff-prison-photos">Continue reading...</a>Bernard MadoffBusinessUS newsWorld newsTelevisionCultureHBOMediaTelevision industryUS television industrySat, 20 May 2017 11:00:24 GMThttp://www.theguardian.com/business/2017/may/20/bernie-madoff-prison-photosPhotograph: HandoutPhotograph: HandoutEd Pilkington in New York2017-05-20T11:00:24ZThe Wizard of Lies review – Robert De Niro's Bernie Madoff drama is a cheathttps://www.theguardian.com/film/2017/may/19/wizard-of-lies-bernie-madoff-review
<p>A prestige production, also starring Michelle Pfeiffer, asks the audience to sympathize with a self-pitying criminal without explaining exactly why</p><p>Who needs The Wizard of Lies, a new made-for-TV drama about the wreckage left by Bernie Madoff’s devastating Ponzi scheme? Based on New York Times journalist Diane Henriques’s account of the Madoff affair, The Wizard of Lies is a toothless and psychologically simplistic tragedy about Bernie’s impact on his immediate family, particularly wife Ruth (Michelle Pfeiffer), and sons Mark and Andrew (Alessandro Nivola and Nathan Darrow). Madoff (Robert De Niro) is humanized in this context, since he’s portrayed as a clueless sociopath who does not understand the extent of the damage he’s caused, and only superficially empathizes with people he thinks he cares about. </p><p> <span>Related: </span><a href="https://www.theguardian.com/tv-and-radio/2017/may/03/super-rich-villains-televisions-film">New old money: why hating the super rich remains small screen gold</a> </p> <a href="https://www.theguardian.com/film/2017/may/19/wizard-of-lies-bernie-madoff-review">Continue reading...</a>Robert De NiroHBOFilmUS televisionCultureTelevisionTelevision & radioDramaBernard MadoffBusinessMichelle PfeifferFri, 19 May 2017 10:30:05 GMThttp://www.theguardian.com/film/2017/may/19/wizard-of-lies-bernie-madoff-reviewPhotograph: Craig Blankenhorn/APPhotograph: Craig Blankenhorn/APSimon Abrams2017-05-19T10:30:05ZThe Wizard of Lies trailer: see Robert de Niro in HBO’s Bernard Madoff drama – videohttps://www.theguardian.com/business/video/2017/mar/22/the-wizard-of-lies-trailer-hbos-bernard-madoff-drama-video
<p>Watch the trailer for <a href="http://www.hbo.com/movies/the-wizard-of-lies">HBO’s latest TV drama The Wizard of Lies</a>, starring Robert De Niro and Michelle Pfeiffer. De Niro plays Bernard Madoff, the former stockbroker and fraudster as his Ponzi scheme slowly unravels around him, dragging his family into the spotlight. The Wizard of Lies premieres on HBO on 20 May</p> <a href="https://www.theguardian.com/business/video/2017/mar/22/the-wizard-of-lies-trailer-hbos-bernard-madoff-drama-video">Continue reading...</a>TelevisionBernard MadoffHBORobert De NiroMediaFilmTelevision & radioCultureTelevision industryUS television industryBusinessMichelle PfeifferWed, 22 Mar 2017 10:57:41 GMThttp://www.theguardian.com/business/video/2017/mar/22/the-wizard-of-lies-trailer-hbos-bernard-madoff-drama-videoPhotograph: HBOPhotograph: HBOGuardian Staff2017-03-22T10:57:41ZNever-before-heard Bernie Madoff tapes reveal details of ruinous Ponzi schemehttps://www.theguardian.com/business/2017/jan/12/bernie-madoff-prison-life-ponzi-supernova-podcast-experience
<p>New audio series Ponzi Supernova profiles the imprisoned trickster, who denies responsibility for duping investors by paying them out of each other’s pockets</p><p>Bernard Madoff, the imprisoned confidence trickster, has laid the blame for his ruinous Ponzi scheme at the feet of banks and wealthy investors he claims didn’t care whether his firm was legitimate or not in a series of never-before-heard recordings.</p><p>The interviews, part of author Steve Fishman’s <a href="http://www.audible.com/mt/ponzisupernova">new audio series, Ponzi Supernova</a>, feature much of Madoff’s characteristic refusal to take responsibility for paying his investors out of each other’s pockets. </p><p>Madoff got away with it for so long because inexperienced regulators chasing him didn’t know what they were looking for</p><p> <span>Related: </span><a href="https://www.theguardian.com/tv-and-radio/2016/dec/21/the-50-best-podcasts-of-2016">The 50 best podcasts of 2016</a> </p><p>Others printed out a faked report and put it in the refrigerator so it wouldn’t be obviously warm from the printer</p> <a href="https://www.theguardian.com/business/2017/jan/12/bernie-madoff-prison-life-ponzi-supernova-podcast-experience">Continue reading...</a>Bernard MadoffPodcastingBusinessMoneyUS newsThu, 12 Jan 2017 13:00:28 GMThttp://www.theguardian.com/business/2017/jan/12/bernie-madoff-prison-life-ponzi-supernova-podcast-experiencePhotograph: Stephen Chernin/Getty ImagesPhotograph: Stephen Chernin/Getty ImagesSam Thielman in New York2017-01-12T13:00:28ZMadoff trustee's appeal over $4bn recovery rejected by US supreme courthttps://www.theguardian.com/law/2015/jun/22/madoff-trustee-appeal-us-supreme-court
<p>High court upholds ruling which says federal bankruptcy law does not let Irving Picard recoup payments made by Bernie Madoff investment firm before collapse</p><p>The US supreme court on Monday left intact a court ruling that could prevent victims of Bernard Madoff’s Ponzi scheme from recouping more than $4bn from customers who withdrew money before the enterprise collapsed.<br></p><p> The high court left in place a December 2014 ruling by the New York-based second US circuit court of appeals, which said federal bankruptcy law did not let the trustee Irving Picard recoup a variety of payments that Bernard L Madoff Investment Securities LLC made to some customers more than two years before the firm collapsed on 11 December 2008.</p> <a href="https://www.theguardian.com/law/2015/jun/22/madoff-trustee-appeal-us-supreme-court">Continue reading...</a>US supreme courtBernard MadoffBusinessLawWorld newsUS newsMon, 22 Jun 2015 15:15:08 GMThttp://www.theguardian.com/law/2015/jun/22/madoff-trustee-appeal-us-supreme-courtPhotograph: AFP/GettyPhotograph: AFP/GettyReuters in Washington2015-06-22T15:15:08ZFrance's 'king of manuscripts' held over suspected pyramid scheme fraudhttps://www.theguardian.com/books/2015/mar/06/frances-king-of-manuscripts-held-over-suspected-pyramid-scheme
<p>Collection assembled by Gérard Lhéritier, who ‘turned paper into gold’, includes De Sade’s manuscript of 120 Days of Sodom and Louis XVI’s final testament</p><p>He was known as the man who turned paper into gold, the biggest trader of historical manuscripts in the world, whose purchases ranged from the hidden parchment of the Marquis de Sade’s most famous work on sexual depravity to King Louis XVI’s last letter to the French people before his arrest and beheading.</p><p>But when Gérard Lhéritier was taken into police custody in Paris this week and placed under formal investigation for fraud, the genteel world of rare books and delicate manuscripts was left seriously shaken. French media wondered whether the well-dressed, 66-year-old history buff and “king of manuscripts” could turn out to be a French <a href="http://www.theguardian.com/business/bernard-madoff">Bernie Madoff </a>of the arts world, hoodwinking investors with large-scale fraud – a charge vehemently denied to the Guardian by Lhéritier’s lawyer.</p> <a href="https://www.theguardian.com/books/2015/mar/06/frances-king-of-manuscripts-held-over-suspected-pyramid-scheme">Continue reading...</a>FranceBooksBernard MadoffCharles de GaulleGustave FlaubertParisWorld newsEuropeCultureBusinessFri, 06 Mar 2015 17:03:01 GMThttp://www.theguardian.com/books/2015/mar/06/frances-king-of-manuscripts-held-over-suspected-pyramid-schemePhotograph: Martin Bureau/AFP/GettyPhotograph: Martin Bureau/AFP/GettyAngelique Chrisafis Paris2015-03-06T17:03:01Z'Compliant' Madoff secretary gets six years in prison over fraud schemehttps://www.theguardian.com/us-news/2014/dec/09/madoff-secretary-six-years-prison-fraud
<p>Disgraced financier’s secretary Annette Bongiorno apologises to fraud victims in Manhattan court: ‘I will be haunted by shame for the rest of my life’</p><p>The former secretary for imprisoned financier Bernard Madoff was sentenced on Tuesday to six years in prison after she apologized to victims of the multidecade, multibillion-dollar fraud and berated herself for failing to see past her boss’s influence and the riches he bestowed on her.</p><p>Annette Bongiorno, 66, was sentenced in Manhattan by US district judge Laura Taylor Swain, who said she believed Bongiorno’s testimony at trial that she was largely duped by Madoff into manufacturing fake trade results for his private investment business.</p> <a href="https://www.theguardian.com/us-news/2014/dec/09/madoff-secretary-six-years-prison-fraud">Continue reading...</a>US newsBernard MadoffFinancial crisisUS crimeBankingEconomicsFinancial sectorWorld newsBusinessTue, 09 Dec 2014 18:29:10 GMThttp://www.theguardian.com/us-news/2014/dec/09/madoff-secretary-six-years-prison-fraudPhotograph: Brendan Mcdermid/REUTERSPhotograph: Brendan Mcdermid/REUTERSAssociated Press in New York2014-12-09T18:29:10ZThe US justice divide: why crime and punishment in Wall Street and Ferguson are so differenthttps://www.theguardian.com/us-news/2014/oct/17/us-justice-divide-crime-punishment-wall-street-ferguson
Matt Taibbi was the scourge of finance who called Goldmach Sachs a ‘vampire squid’. Curious about the law’s leniency on fraudsters, he began to investigate how so many Americans do end up in jail – and what he learned blew him away<p>Like nearly all white, American journalists, I’ve spent most of my career a million miles from places like Ferguson, Missouri. The mainstream media in the US hates the urban racism story and always has: too depressing; no patriotic angle; too hard to sell to advertisers.</p><p>So, reporters like me often find themselves tugged in the direction of less commercially upsetting beats. It might be presidential politics, gay marriage, global warming. In my case, it was high finance. As a correspondent for Rolling Stone, I spent years covering Wall Street corruption, <a href="http://www.forbes.com/sites/jakezamansky/2013/08/08/the-great-vampire-squid-keeps-on-sucking/" title="">briefly earning disrepute in lower Manhattan for calling Goldman Sachs a “vampire squid wrapped around the face of humanity”</a>.</p> <a href="https://www.theguardian.com/us-news/2014/oct/17/us-justice-divide-crime-punishment-wall-street-ferguson">Continue reading...</a>US crimeUS policingRace issuesUS newsWorld newsFinancial crisisEconomicsPovertySocial exclusionSocietyBankingFinancial sectorBusinessBernard MadoffFri, 17 Oct 2014 18:12:06 GMThttp://www.theguardian.com/us-news/2014/oct/17/us-justice-divide-crime-punishment-wall-street-fergusonPhotograph: Scott Olson/Getty'The sheer breadth of the current justice gap in the US blows the mind' … demonstrators in St Louis, Missouri, protesting the police shooting of 18-year-old Michael Brown in the suburb of Ferguson. Photograph: Scott Olson/GettyPhotograph: Scott Olson/Getty'The sheer breadth of the current justice gap in the US blows the mind' … demonstrators in St Louis, Missouri, protesting the police shooting of 18-year-old Michael Brown in the suburb of Ferguson. Photograph: Scott Olson/GettyMatt Taibbi2014-10-17T18:12:06ZBernie Madoff son under investigation for Ponzi scheme until his deathhttps://www.theguardian.com/business/2014/sep/29/andrew-madoff-son-investigation-until-death
<p>Andrew Madoff was under scrutiny by federal investigators, who ‘never believed the brothers were unaware of the fraud’</p><p>Bernard Madoff’s last surviving son was under investigation for possible involvement in his father’s multibillion-dollar Ponzi scheme until the day he died from cancer earlier this month, but scrutiny over his $16m estate lives on.</p><p> The court-appointed trustee seeking to recover money for bilked investors began taking aim at Andrew Madoff’s money even before his death, filing an updated lawsuit this summer accusing him and his brother of having full knowledge of their father’s scheme and using it as their “personal cookie jar” that they tapped through sham loans, fictitious trades and deferred compensation.</p> <a href="https://www.theguardian.com/business/2014/sep/29/andrew-madoff-son-investigation-until-death">Continue reading...</a>Bernard MadoffUS personal financeTax and spendingBusinessUS crimeMon, 29 Sep 2014 16:48:04 GMThttp://www.theguardian.com/business/2014/sep/29/andrew-madoff-son-investigation-until-deathPhotograph: Anonymous/APAndrew Madoff on 60 Minutes in 2011. Madoff was under investigation for possible involvement in his father’s multibillion-dollar Ponzi scheme until the day he died from cancer on Sept. 3, 2014, but scrutiny over his $16m estate lives on.Photograph: Anonymous/APAndrew Madoff on 60 Minutes in 2011. Madoff was under investigation for possible involvement in his father’s multibillion-dollar Ponzi scheme until the day he died from cancer on Sept. 3, 2014, but scrutiny over his $16m estate lives on.Associated Press2014-09-29T16:48:04ZFive former Bernie Madoff aides found guilty of concealing Ponzi schemehttps://www.theguardian.com/business/2014/mar/24/bernie-madoff-five-former-aides-guilty
<p>Guilty verdicts represent first jury convictions since Madoff’s $20bn scam was exposed and come after six-month trial</p><p>Five former employees of Bernie Madoff were found guilty of conspiracy on Monday as a jury ruled they had for years helped conceal his massive Ponzi scheme.</p><p>The verdicts are the first jury convictions since Madoff’s $20bn scam was exposed six years ago, and come after a trial that lasted nearly six months. </p> <a href="https://www.theguardian.com/business/2014/mar/24/bernie-madoff-five-former-aides-guilty">Continue reading...</a>Bernard MadoffUS crimeUS newsMon, 24 Mar 2014 20:37:38 GMThttp://www.theguardian.com/business/2014/mar/24/bernie-madoff-five-former-aides-guiltyPhotograph: Lucas Jackson/ReutersFormer Madoff aide Annette Bongiorno handled the financier's top clients. Photograph: Lucas Jackson/ReutersPhotograph: Lucas Jackson/ReutersFormer Madoff aide Annette Bongiorno handled the financier's top clients. Photograph: Lucas Jackson/ReutersDominic Rushe in New York2014-03-24T20:37:38ZJP Morgan Chase to pay more than $2bn in penalties for Madoff tieshttps://www.theguardian.com/business/2014/jan/07/jp-morgan-bernie-madoff-settlement-fine
<p>Settling charges that it ignored evidence of fraud, the bank's payments to the US government total nearly $20bn</p><p>JP Morgan has agreed to pay a record $2bn to settle charges that it <a href="http://www.theguardian.com/business/2013/dec/12/jpmorgan-facing-2bn-fine-madoff-involvement">knowingly ignored evidence </a>that&nbsp;convicted fraudster Bernard Madoff’s massive Ponzi scheme was “too good to be true.”</p><p>The settlements, announced Tuesday, included a so-called deferred prosecution agreement that requires the bank to acknowledge its failures but also allows it to avoid criminal charges provided reforms are enacted at the bank within two years. No individual executives were accused of wrongdoing.</p> <a href="https://www.theguardian.com/business/2014/jan/07/jp-morgan-bernie-madoff-settlement-fine">Continue reading...</a>JP MorganBernard MadoffFinancial sectorBankingBusinessUS crimeUS newsTue, 07 Jan 2014 21:09:09 GMThttp://www.theguardian.com/business/2014/jan/07/jp-morgan-bernie-madoff-settlement-finePhotograph: STAN HONDA/AFP/Getty ImagesNo individual executives at JP Morgan were accused of wrongdoing. Photograph: Stan Honda/AFP/Getty ImagesPhotograph: STAN HONDA/AFP/Getty ImagesNo individual executives at JP Morgan were accused of wrongdoing. Photograph: Stan Honda/AFP/Getty ImagesDominic Rushe in New York2014-01-07T21:09:09ZJP Morgan facing $2bn fine for involvement in Madoff ponzi schemehttps://www.theguardian.com/business/2013/dec/12/jpmorgan-facing-2bn-fine-madoff-involvement
Bank tentatively agreed to pay $2bn to settle allegations it failed to inform US authorities of the jailed fraudsters suspicious activity<p>JP Morgan Chase, the biggest bank in the US, is facing another multi-billion dollar fine, this time deriving from its involvement with notorious Ponzi scheme fraudster Bernard Madoff.</p><p>The bank has tentatively agreed to pay $2bn to settle allegations it failed to inform US authorities of the jailed fraudsters suspicious activity, according to people familiar with negotiations. A settlement deal with the Justice Department could come as early as next week. The bank declined to comment.</p> <a href="https://www.theguardian.com/business/2013/dec/12/jpmorgan-facing-2bn-fine-madoff-involvement">Continue reading...</a>JP MorganBernard MadoffUS crimeFinancial sectorBankingBusinessUS newsThu, 12 Dec 2013 18:30:24 GMThttp://www.theguardian.com/business/2013/dec/12/jpmorgan-facing-2bn-fine-madoff-involvementPhotograph: Spencer Platt/Getty ImagesJP Morgan Chase is said to be close to a huge deal with the US government. Photograph: Spencer Platt/Getty ImagesPhotograph: Spencer Platt/Getty ImagesJP Morgan Chase is said to be close to a huge deal with the US government. Photograph: Spencer Platt/Getty ImagesDominic Rushe in New York2013-12-12T18:30:24ZBernard Madoff's right-hand man to testify against former coworkershttps://www.theguardian.com/business/2013/dec/02/madoff-frank-dipascali-trial-former-coworkers
Longtime Madoff employee Frank DiPascali, the government's star witness, expected to give inside look at Ponzi scheme<p>The way Frank DiPascali tells it, Bernard Madoff planted the seeds of deception for his $17bn Ponzi scheme back in the 1970s, when his firm was in a small office at 110 Wall Street.</p><p>Madoff "would very loudly proclaim" that he had made a killing on an investment in Europe, DiPascali recalled. DiPascali, a longtime Madoff employee, later began to suspect the words were calculated to give the impression the business was "somehow backed up by his deals and investments overseas."</p> <a href="https://www.theguardian.com/business/2013/dec/02/madoff-frank-dipascali-trial-former-coworkers">Continue reading...</a>Bernard MadoffUS crimeUS newsMon, 02 Dec 2013 14:48:33 GMThttp://www.theguardian.com/business/2013/dec/02/madoff-frank-dipascali-trial-former-coworkersPhotograph: Seth Wenig/APJoAnn Crupi, a former account manager who stands accused of enabling Madoff's Ponzi scheme, arrives in federal court. Photograph: Seth Wenig/APPhotograph: Seth Wenig/APJoAnn Crupi, a former account manager who stands accused of enabling Madoff's Ponzi scheme, arrives in federal court. Photograph: Seth Wenig/APAssociated Press in New York2013-12-02T14:48:33ZBernard Madoff's colleagues to face trial over involvement in Ponzi schemehttps://www.theguardian.com/business/2013/oct/07/bernard-madoff-colleagues-trial-involvement-ponzi
Five of the convicted fraudster's closest colleagues stand accused of&nbsp;aiding and abetting Madoff in his scheme<p>Ponzi scheme fraudster Bernard Madoff claimed he alone orchestrated his $65bn scam. Starting Tuesday, US prosecutors aim to prove that was another lie.</p><p>Jury selection starts in the case against five of the convicted fraudster’s closest colleagues – all of whom have pleaded not guilty to aiding and abetting Madoff in his scheme.</p> <a href="https://www.theguardian.com/business/2013/oct/07/bernard-madoff-colleagues-trial-involvement-ponzi">Continue reading...</a>Bernard MadoffUS newsBusinessUS crimeUS economyMon, 07 Oct 2013 20:36:58 GMThttp://www.theguardian.com/business/2013/oct/07/bernard-madoff-colleagues-trial-involvement-ponziPhotograph: Timothy A. Clary/AFPMadoff is currently serving a 150-year sentence after pleading guilty to fraud following the collapse of his fund in 2008.. Photograph: Timothy A Clary/AFPPhotograph: Timothy A. Clary/AFPMadoff is currently serving a 150-year sentence after pleading guilty to fraud following the collapse of his fund in 2008.. Photograph: Timothy A Clary/AFPDominic Rushe in New York2013-10-07T20:36:58ZIvy Asset Management reaches $210m Madoff settlementhttps://www.theguardian.com/business/2012/nov/13/ivy-asset-management-madoff-settlement
BNY Mellon unit Ivy Asset Management 'violated responsibility' by advising clients to invest with fraudster Bernard Madoff<p>US authorities have reached a $210m settlement with the BNY Mellon subsidiary Ivy Asset Management for advising clients to invest with the ex-financier Bernard Madoff, whose multibillion-dollar fraud landed him in federal prison.</p><p>The settlement of suits filed by the New York attorney general, Eric Schneiderman, Labour Department and private plaintiffs also provides for about $9m in payments by other defendants. Combined with anticipated future payments from Madoff bankruptcy proceedings, Schneiderman said it expected to return nearly all of the original investments to those who were defrauded, including union pension funds from upstate New York.</p> <a href="https://www.theguardian.com/business/2012/nov/13/ivy-asset-management-madoff-settlement">Continue reading...</a>Bernard MadoffBusinessMoneyUS newsWorld newsNew YorkTue, 13 Nov 2012 19:33:35 GMThttp://www.theguardian.com/business/2012/nov/13/ivy-asset-management-madoff-settlementPhotograph: Timothy A Clary/AFPIvy Asset Management documents showed the firm had deep but undisclosed reservations about Bernard Madoff, authorities said. Photograph: Timothy A Clary/AFPPhotograph: Timothy A Clary/AFPIvy Asset Management documents showed the firm had deep but undisclosed reservations about Bernard Madoff, authorities said. Photograph: Timothy A Clary/AFPAssociated Press in New York2012-11-13T19:33:35ZPeter Madoff pleads guilty to aiding brother's Ponzi scheme in plea dealhttps://www.theguardian.com/business/2012/jun/29/peter-madoff-pleaded-guilty
Peter Madoff, 66, expected to receive 10-year sentence and hand over billions in Madoff account money over role in scheme<p>The younger brother of mega-fraudster Bernard Madoff pleaded guilty Friday to charges he helped orchestrate the biggest Ponzi scheme in history.</p><p>The FBI arrested Peter Madoff at his lawyers' office in Manhattan and took him to court where he confessed to charges including falsifying documents, filing false tax returns and lying to regulators.</p> <a href="https://www.theguardian.com/business/2012/jun/29/peter-madoff-pleaded-guilty">Continue reading...</a>Bernard MadoffUS newsNew YorkWorld newsBusinessFri, 29 Jun 2012 17:19:00 GMThttp://www.theguardian.com/business/2012/jun/29/peter-madoff-pleaded-guiltyPhotograph: Eric Thayer/ReutersPeter Madoff departs federal court in New York. Photograph: Eric Thayer/ReutersPhotograph: Eric Thayer/ReutersPeter Madoff departs federal court in New York. Photograph: Eric Thayer/ReutersDominic Rushe and agencies2012-06-29T17:19:00ZBernard Madoff's brother to plead guilty to conspiracyhttps://www.theguardian.com/business/2012/jun/27/bernard-madoff-brother-guilty-conspiracy
Peter Madoff agrees to 10-year prison sentence in case resulting from brother's multibillion-dollar fraud<p>The brother of Ponzi scheme king Bernard Madoff is to plead guilty to conspiracy in a criminal case resulting from the multibillion-dollar fraud, court papers say.</p><p>Peter Madoff is the former chief compliance officer at the private investment arm of Bernard Madoff's business.</p> <a href="https://www.theguardian.com/business/2012/jun/27/bernard-madoff-brother-guilty-conspiracy">Continue reading...</a>Bernard MadoffBusinessUS newsWorld newsBankingWed, 27 Jun 2012 22:46:06 GMThttp://www.theguardian.com/business/2012/jun/27/bernard-madoff-brother-guilty-conspiracyPhotograph: BM/Getty ImagesFinancier Bernard Madoff, left, with his brother Peter, second left, and sons. Peter is to plead guilty to conspiracy. Photograph: BM/Getty ImagesPhotograph: BM/Getty ImagesFinancier Bernard Madoff, left, with his brother Peter, second left, and sons. Peter is to plead guilty to conspiracy. Photograph: BM/Getty ImagesAssociated Press2012-06-27T22:46:06ZHeist of the century: Wall Street's role in the financial crisishttps://www.theguardian.com/business/2012/may/20/wall-street-role-financial-crisis
Wall Street bankers could have averted the global financial crisis, so why didn't they? In this exclusive extract from his book Inside Job, Charles Ferguson argues that they should be prosecuted<p><a href="http://www.guardian.co.uk/business/bernard-madoff" title="">Bernard L Madoff</a> ran the biggest Ponzi scheme in history, operating it for 30 years and causing cash losses of $19.5bn. Shortly after the scheme collapsed and Madoff confessed in 2008, evidence began to surface that for years, major banks had suspected he was a fraud. None of them reported their suspicions to the authorities, and several banks decided to make money from him without, of course, risking any of their own funds. Theories about his fraud varied. Some thought he might have access to insider information. But quite a few thought he was running a Ponzi scheme.<a href="http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511" title=""> Goldman Sachs</a> executives paid a visit to Madoff to see ifthey should recommend him to clients. A&nbsp;partner later recalled: "Madoff refused to let them do any due diligence on the funds and when asked about the firm's investment strategy they couldn't understand it. Goldman not only blacklisted Madoff in the asset management division but banned its brokerage from trading with the firm too."</p><p>UBS headquarters forbade investing any bank or client money in Madoff accounts, but created or worked with several Madoff feeder funds. A memo to one of these in 2005 contained the following, in large boldface type: "Not to do: ever enter into a direct contact with Bernard Madoff!!!"</p> <a href="https://www.theguardian.com/business/2012/may/20/wall-street-role-financial-crisis">Continue reading...</a>Financial crisisUS newsWorld newsEconomicsBankingBusiness and financeBooksGoldman SachsObama administrationUS politicsJP MorganBernard MadoffFinancial sectorBusinessSun, 20 May 2012 19:00:01 GMThttp://www.theguardian.com/business/2012/may/20/wall-street-role-financial-crisisPhotograph: Eric Thayer/Reuters/Corbis'When did Wall street know there was a bubble and that they could game it?' Photograph: Eric Thayer/Reuters/CorbisPhotograph: Eric Thayer/Reuters/Corbis'When did Wall street know there was a bubble and that they could game it?' Photograph: Eric Thayer/Reuters/CorbisCharles Ferguson2012-05-20T19:00:01ZNicola Horlick: having it all – again?https://www.theguardian.com/money/2012/apr/13/nicola-horlick-film-investment
Hyperactive 'superwoman' Nicola Horlick is relaunching herself as a film producer, venture capital investor and restaurateur – and for £25,000 you can join her<p>I'm not just a finance person, you know," says Nicola Horlick, the fabled City "superwoman" and mother of six. Soon she will start shooting a 1960s-set East End gangster flick – Diamond is the working title – where the diamond geezer is a woman. It will be Horlick's first stab as lead producer of a film, although behind the scenes the one-time City maverick is fast becoming a movie mogul in her own right.</p><p>Bruised by the loss of millions of pounds of investors' money to Wall Street fraudster <a href="http://www.theguardian.com/business/bernard-madoff" title="">Bernie Madoff</a> in late 2008 – her Bramdean Alternatives company had £21m, or nearly a 10th of its assets with Madoff – Horlick has spent the last few years focusing on raising cash for film ventures.</p> <a href="https://www.theguardian.com/money/2012/apr/13/nicola-horlick-film-investment">Continue reading...</a>Alternative investmentsInvestmentsMoneyFilm industryFilmBernard MadoffInvestingFinancial sectorBusinessVenture capitalFri, 13 Apr 2012 22:01:34 GMThttp://www.theguardian.com/money/2012/apr/13/nicola-horlick-film-investmentPhotograph: Nishikant Gamre/The India Today Group/GettyNicola Horlick, one-time City maverick, is now on her way to movie moguldom. Photograph: Nishikant Gamre/The India Today Group/GettyPhotograph: Nishikant Gamre/The India Today Group/GettyNicola Horlick, one-time City maverick, is now on her way to movie moguldom. Photograph: Nishikant Gamre/The India Today Group/GettyPatrick Collinson2012-04-13T22:01:34ZNew York Mets owners and Bernard Madoff lawyer call halt to legal battlehttps://www.theguardian.com/business/2012/mar/19/new-york-mets-bernard-madoff-lawyer
Dispute between Mets owners and Madoff victims' trustee settled for $162m for alleged 'willful blindness' to Madoff's crimes<p>A courtroom battle between the owners of the New York Mets baseball team and lawyers representing the victims of<a href="http://www.theguardian.com/business/bernard-madoff?INTCMP=SRCH"> Bernard Madoff</a>'s massive Ponzi scheme was narrowly averted as the two sides settled on the courtroom steps.</p><p>The trial between Irving Picard, the trustee representing Madoff's victims, and Mets owners Fred Wilpon and Saul Katz had been due to start Monday. Picard had originally sued for $1bn and had accused the pair of "willfully blind" to Madoff's fraud. Charges they vehemently denied.</p> <a href="https://www.theguardian.com/business/2012/mar/19/new-york-mets-bernard-madoff-lawyer">Continue reading...</a>Bernard MadoffUS newsBusinessNew YorkMLBUS sportsNew York MetsMon, 19 Mar 2012 19:50:56 GMThttp://www.theguardian.com/business/2012/mar/19/new-york-mets-bernard-madoff-lawyerPhotograph: Allison Joyce/ReutersDavid J Sheehan, lawyer for trustee Irving Picard, speaks with the media outside New York federal court. Photograph: Allison Joyce/ReutersPhotograph: Allison Joyce/ReutersDavid J Sheehan, lawyer for trustee Irving Picard, speaks with the media outside New York federal court. Photograph: Allison Joyce/ReutersDominic Rushe in New York2012-03-19T19:50:56Z